The Dow Now: PC Worries Hit Tech Stocks

AT&T and JPMorgan are among gainers of the day.

Stay Connected

MINYANVILLE ORIGINAL Worrisome news from Europe weighed on US investors during mid-Monday trading. The Dow Jones Industrial Average (INDEXDJX:.DJI) is up 0.18% to 13,555.12 as of 12:10 p.m. EDT to start the new trading week after posting an overall loss in the last week.

German Chancellor Angela Merkel and French President Francois Hollande reportedly have not been able to reach a consensus on the timeline for launching a banking union. Meanwhile, German business sentiment fell for the fifth consecutive month in September, raising concern that Europe's largest economy might soon slide into recession.

"Europe keeps throwing lifeboats at the problem. What they are really doing is buying time for an orderly breakup of some of the countries leaving the eurozone," Nick Raich, director of research with Key Private Bank in Cleveland, told MarketWatch.

JPMorgan (NYSE:JPM) recovers from slight losses earlier in the morning to go up 0.88% to $41.24.

Buoyed by Apple's (NASDAQ:AAPL) iPhone 5, AT&T (NYSE:T) jumps 0.66% to $38.33. The same could not be said for fellow Dow communications company, Verizon (NYSE:VZ), which dips 0.12% to $45.58 on news that it will pay more than $510 million to TiVo (NASDAQ:TIVO) and ActiveVideo Networks to settle patent infringement lawsuits.

Intel (NASDAQ:INTC) (-1.84% to $22.70), Microsoft (NASDAQ:MSFT) (-1.55% to $30.71), and Hewlett-Packard (NYSE:HPQ) (-1.76% to $17.28) were among the largest decliners of the day, down as investors question if these tech giants will be able to find a new source of growth as the PC market continues to shrink rapidly.

Earlier, Evercore Partner's Rob Cihra revised his forecast for this year's PC unit sales downwards, saying that sales would slide 4% from a year ago. Previously, he had estimated that sales would stay flat year-to-year.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.